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Muthoot Finance cashless initiatives to support demonetisation

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Kochi: Muthoot Finance Ltd, India’s largest gold loan company, has introduced multiple cashless ways of receiving and making payments. For disbursement of loans, the company is encouraging online gold loans, direct credit to customers account, loading to prepaid cards and by cheque.

For repayments, we are accepting payments through Webpay, iMuthoot mobile App, RTGS/NEFT/IMPS facility. We are also accepting cheques and drafts.

The company is committed towards adopting technology for the benefit of our customers who can now pay their interest and principal dues online at their own convenience without visiting the branches.
Commenting on the online initiatives, Mr. George Alexander Muthoot, Managing Director Muthoot Finance Ltd said, “The demonetisation will immensely benefit the organised companies in the sector. The unorganised players will be impacted as they don’t have the online transaction facilities.”

He further added, “As our average ticket size of loans is Rs. 40,000, almost 70% transactions were done through cash. However, post demonetisation, our 60% of the advances and repayments is happening through our online platforms.”

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